Crypto is for the patient.

in steemit •  14 days ago

As much as the crypto markets are a speculators paradise there are some positive life skills and attributes aside from all the speculation that need to be developed. If not developed we may find ourselves coming up short.

There is a saying that the markets are where money is passed from weak hands to strong hands. This is very true as one watches the swings between the euphoria of a bull run and the depression of a bear slump. The ebbs and flows of fear and greed, euphemistically referred to as "market sentiment".

It would seem that one of the major antidotes to both the fear and the greed of the markets is patience... to take a longer view of things... to step back and develop a perspective that smooths out some of the gory details of the incessant ups and downs of the market roller-coaster.

This is where patience comes in.

If we want what we want and we want it now! we will have difficulty stepping back and will find ourselves in emotional turmoil as we watch every move of the market and try to force it or even simply will it in the direction we want it to go.

This constant fretting and heightened emotional state is not good for our health long term and is not a great place for us to be in when making important decisions. Emotion is an important aspect in decision making but is by far not the most important aspect. Without emotion we would not be able to make decisions where the outcome is not purely logical or slightly uncertain. Emotion is what tips the balance for us and makes us human and capable of decision making in complex environments where outcomes are uncertain. The ultimate option we chose may not be the most optimal but emotion allows us to make the choices when outcomes are fuzzy. This is what separates us from machines.

But...

We should not be ruled by emotion, emotion is a poor teacher and pure emotion is very definitely a poor decision maker. Purely emotional decision making can lead to decisions based simply on impulse and poor impulse control often does not result in very positive outcomes.

Poor impulse control or lack of patience has been linked or correlated to poor performance in many areas, whereas those who can wait tend to be more positive, more motivated and do better in many areas.

Some scientific studies involving 4 year old children and marshmallows have become landmark studies that suggest that the ability to wait - to be patient - may be a key character trait to predicting success later in life.

This is also true in crypto markets where we can't all be successful day traders.

Taking a step back, taking a longer view, excising patience can often lead to very reasonable returns without all the stress of constantly watching the candles.

Trying to predict the markets every move in these manipulated and highly speculative conditions is highly improbable and we are likely to give ourselves ulcers or worse incessantly trying.

Patience is also more than just hoping and waiting, but we can get into that detail another time.

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I held on strong and it was worth the wait honestly . The loswers panic and sell

Hodl till the END!...:)...

Moooooooo

hoping <3

Patience is always the best value in life. I said that for the best things in life you always have to wait. Second emotions are the useful in two things in life: when you play with choldren or in sex.

To listen to the audio version of this article click on the play image.

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Another dangerous trait is optimism. While optimism is good for many things, in investing it causes us to over buy, which is very dangerous.

I personally don't like day trading. I know I would not be able to handle it emotionally, so I stay away from it. And most people should also. The real stats are that 90% of the people fail.

@gavvet, yeah u r right sir, m hodling till end of 2020

Emotion in handling the market when it's green or red always brings regretful tendencies for a trader or a steemian, cryptocurrency is for the strong

pump and dump
Pump and dump.jpg

Hodl!!!!

Success comes in the life of the people who hold their patience and wait for the right decision at right time.

I don't understand how I can be super calm when dealing with the crypto scene while being close to throwing a tantrum having to sit and wait in a doctors waiting room.

Paradox.

only hold :)

Can I have it translated into my language? @gavvet

Certainly the business of the Cryptocurrencys is a game of luck and know how to make the appropriate decisions to invest, wait or spend on the currencies that have some influence on the market but not everything is forever

I couldn't wait to read this! (;

Seriously though, you are 100% correct. Patience is definitely an area in which I need to grow. For some it comes naturally but for others we need to work to stay patient and calm. It helps to have friends who can "talk you off the ledge" or to remind you not to get too caught up in "excited puppy mode".

Because Crypto moves so fast it has become an excellent training ground in patience.

Yes we have that kind of patience for hoping best for crypto. nice

Hello, it really is a world where perseverance and dedication is everything, but after you are in the bullfight it is very difficult to leave it for the emotion and clear the benefits that give us even more motivation, I invite you to know my blog, in it you will find interesting publications about my work waiting for your liking. regards.

very good.gif